Eni of Italy said its net profit rose 42% to €3.62 billion in the first quarter of 2012.
Financial Highlights
– Adjusted operating profit: up 27% to €6.45 billion
– Adjusted net profit: up 13% to €2.48 billion
– Net profit: up 42% to €3.62 billion
– Cash flow: €4.19 billion
Operational Highlights
– Oil and natural gas production: down 0.6% to 1.674 mmboe/d. Excluding the impact of price effects, production was up by 0.2%
– Natural gas sales: down 5.3% to 30.61 billion cubic meters affected by weak demand
– New, relevant exploration success in Mozambique with Mamba North East 1 discovery
– Signed a strategic agreement with Rosneft in the Russian upstream offshore the Barents Sea and the Black Sea
– Started production at the giant Samburgskoye in Siberia
– Agreed the revision of the gas supply contracts with Gazprom
– Reached the agreements to start the divestment of Galp Energia
– Signed a contract for the exploration of one of the most attractive offshore basins in China
– Continuing exploration success in the Barents Sea
Paolo Scaroni, Chief Executive Officer, commented:
“ In the first quarter of 2012, Eni delivered excellent results thanks to the ongoing recovery of production in Libya and higher oil prices, despite the difficult market environment facing Gas & Power, Refining & Marketing and the Chemical sector. During the period, we successfully renegotiated our supply contracts with Gazprom. In exploration, we have continued to deliver strong results with further important discoveries in Mozambique and in the Barents Sea. I’m very pleased with the agreement we have recently signed with Rosneft as it underpins our exploration opportunities for many years to come, further boosting our prospects for longterm growth”.
[mappress]
LNG World News Staff, April 27, 2012; Image: Eni